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期权交易概述

机器翻译译自英文（docs.alpaca.markets）本页 98 段已全部译完

初始期权产品上线

支持

  • 美国上市股票期权，全部为美式
  • 级别1-3期权交易
  • 完全披露的合作伙伴关系
  • 通过API以及SSE事件自动账户审批流程
  • 合作伙伴降级/禁用期权交易的能力
  • 通过API行使期权的能力
  • 通过API进行DNE（不行权）
  • 新的期权特定活动
  • 访问期权市场数据（收费）或推荐给市场数据合作伙伴

不支持

  • LCT（本地货币交易）
  • 碎股期权
  • 盘前盘后交易

期权启用

在新账户上启用期权交易

根据FINRA规则2360，每个客户账户在进行首次期权交易前必须获得期权批准。一旦在代理上启用了期权交易，你就可以开始请求账户获得期权交易批准。对于现有账户，需要在账户上修补一些新数据点，以及客户需要签署的新期权协议。以下是特别为期权需要提供的新字段。

  • 年收入
  • 净资产
  • 流动净资产
  • 流动性需求
  • 投资经验
  • 投资风险承受能力
  • 投资目标
  • 投资时间范围
  • 婚姻状况
  • 受抚养人数

以下是启用期权的新账户开立请求示例。有关创建账户的更多详细信息，请参见此处。

{
    "enabled_assets": [
        "us_equity",
        "crypto",
        "us_option"
    ],
    "contact": {
        "email_address": "joe+smith+options+25@alpaca.markets",
        "phone_number": "555-666-7788",
        "street_address": [
            "20 N San Mateo Dr"
        ],
        "unit": "Apt 1A",
        "city": "San Mateo",
        "state": "CA",
        "postal_code": "94401",
        "country": "USA"
    },
    "identity": {
        "given_name": "John",
        "middle_name": "Smith",
        "family_name": "Doe",
        "date_of_birth": "1990-01-01",
        "tax_id": "124-55-4321",
        "tax_id_type": "USA_SSN",
        "country_of_citizenship": "USA",
        "country_of_birth": "USA",
        "country_of_tax_residence": "USA",
        "funding_source": [
            "employment_income"
        ],
        
        "annual_income_min": "10000",
        "annual_income_max": "10000",
        "total_net_worth_min": "10000",
        "total_net_worth_max": "10000",
        "liquid_net_worth_min": "10000",
        "liquid_net_worth_max": "10000",
        "liquidity_needs": "does_not_matter",
        "investment_experience_with_stocks": "over_5_years",
        "investment_experience_with_options": "over_5_years",
        "risk_tolerance": "conservative",
        "investment_objective": "market_speculation",
        "investment_time_horizon": "more_than_10_years",
        "marital_status":"MARRIED",
        "number_of_dependents":5
    },
    "disclosures": {
        "is_control_person": false,
        "is_affiliated_exchange_or_finra": true,
        "is_politically_exposed": false,
        "immediate_family_exposed": false,
        "context": [
            {
                "context_type": "AFFILIATE_FIRM",
                "company_name": "Finra",
                "company_street_address": [
                    "1735 K Street, NW"
                ],
                "company_city": "Washington",
                "company_state": "DC",
                "company_country": "USA",
                "company_compliance_email": "compliance@finra.org"
            }
        ]
    },
    "agreements": [
        {
            "agreement": "margin_agreement",
            "signed_at": "2020-09-11T18:09:33Z",
            "ip_address": "185.13.21.99",
            "revision": "16.2021.05"
        },
        {
            "agreement": "account_agreement",
            "signed_at": "2020-09-11T18:13:44Z",
            "ip_address": "185.13.21.99",
            "revision": "16.2021.05"
        },
        {
            "agreement": "customer_agreement",
            "signed_at": "2020-09-11T18:13:44Z",
            "ip_address": "185.13.21.99",
            "revision": "16.2021.05"
        },
        {
            "agreement": "crypto_agreement",
            "signed_at": "2020-09-11T18:13:44Z",
            "ip_address": "185.13.21.99",
            "revision": "04.2021.10"
        },
        {
            "agreement": "options_agreement",
            "signed_at": "2020-09-11T18:13:44Z",
            "ip_address": "185.13.21.99"
        }
    ],
    "documents": [
        {
            "document_type": "identity_verification",
            "document_sub_type": "passport",
            "content": "/9j/Cg==",
            "mime_type": "image/jpeg"
        }
    ],
    "trusted_contact": {
        "given_name": "Jane",
        "family_name": "Doe",
        "email_address": "jane.doe@example.com"
    }
}

在现有账户上启用期权交易

以下是使用审批端点在现有账户上启用期权交易的示例请求和响应。

示例：符合级别1要求的账户请求级别1期权交易审批

{
  "level": 1   
}
{
    "id": "43c2f8a9-9e39-48b1-921c-e510dfeeff47",
    "account_id": "492b6297-45fc-4435-abc7-08ab15480b1c",
    "created_at": "2024-05-14T04:34:03.527165162-04:00",
    "updated_at": "2024-05-14T04:34:03.527165162-04:00",
    "requested_level": 1,
    "status": "APPROVED"
}

示例：符合级别1要求的账户请求级别2期权交易审批

{
  "level": 2   
}
{
    "id": "43c2f8a9-9e39-48b1-921c-e510dfeeff47",
    "account_id": "492b6297-45fc-4435-abc7-08ab15480b1c",
    "created_at": "2024-05-14T04:34:03.527165162-04:00",
    "updated_at": "2024-05-14T04:34:03.527165162-04:00",
    "requested_level": 2,
    "status": "LOWER_LEVEL_APPROVED"
}

期权审批状态

状态描述
APPROVED用户已获批准请求的期权交易级别。
LOWER_LEVEL_APPROVED用户已获批准低于请求的期权交易级别。
PENDING待人工审核
REJECTED用户请求的期权交易级别被拒绝。

审批夹具

期权审批API支持沙盒环境中的审批夹具。你可以将所需的审批级别和审批状态传递给同一个审批端点，以测试期权审批流程的所有不同场景（已批准、较低级别批准、已拒绝）。

示例用例：

  1. 请求期权交易级别1的APPROVED状态
{
  "level": 1,   
  "fixtures": {
    "status":"APPROVED"
  }
}
  1. 请求期权交易级别2的REJECTED状态
{
  "level": 2,   
  "fixtures": {
    "status":"REJECTED"
  }
}
  1. 请求LOWER_LEVEL_APPROVED状态（模拟请求级别2但用户反而被批准为级别2的流程）
{
  "level": 2,   
  "fixtures": {
    "status":"LOWER_LEVEL_APPROVED",
    "level":1
  }
}

降级/禁用期权

一旦账户获得期权交易批准，客户可以降级期权级别或完全禁用它。这是通过交易账户配置端点设置max_options_trading_level来完成的。

一旦设置了最大期权交易级别，交易账户端点上的期权交易级别将升级为用户设置的值。注意，期权交易级别将始终等于或低于期权批准级别。以下是用户被批准为级别2但降级到级别1的示例。

{
  ...
  "options_approved_level": 2,
  "options_trading_level": 1,
  ...
}

交易

交易概述

通过订单API为期权下单时，以下是支持和不支持的内容

支持

  • 期权代码
  • 订单有效期为day
  • 市价单和限价单类型
  • 替换和取消订单的能力
  • 级别1-3期权策略

不支持

  • 盘前盘后交易
  • 碎股或名义金额订单支持

交易级别

Alpaca支持以下期权交易级别。

级别支持的交易验证
0• 期权交易被禁用• 不适用
1• 卖出备兑看涨期权
• 卖出现金担保看跌期权		• 用户必须拥有足够的标的股票
• 用户必须有足够的期权购买力
2• 级别1策略
• 买入看涨期权
• 买入看跌期权		• 用户必须有足够的期权购买力
3• 级别1和2策略
• 买入看涨期权价差
• 买入看跌期权价差		用户必须有足够的期权购买力

交易级别验证

如果用户尝试交易高于其级别的策略，将导致错误消息。以下是已批准级别1的用户尝试下达级别2期权交易的示例。

{
   "code": 40310000,
   "message": "account not eligible for level2 options trading"
}

资产主数据

与证券和加密货币的资产主数据类似，有一个期权合约端点，它将返回标的代码的所有期权合约。以下是一个示例

{
  "id": "1fb904df-961a-4a07-a924-53a437626db2",
  "symbol": "AAPL240223C00095000",
  "name": "AAPL Feb 23 2024 95 Call",
  "status": "active",
  "tradable": true,
  "expiration_date": "2024-02-23",
  "root_symbol": "AAPL",
  "underlying_symbol": "AAPL",
  "underlying_asset_id": "b0b6dd9d-8b9b-48a9-ba46-b9d54906e415",
  "type": "call",
  "style": "american",
  "strike_price": "95",
  "size": "100",
  "open_interest": "12",
  "open_interest_date": "2024-02-22",
  "close_price": "89.35",
  "close_price_date": "2024-02-22"
 }

订单示例

买入看涨期权

{  
  "symbol": "PTON240126C00000500",  
  "qty": "1",  
  "side":"buy",  
  "type": "market",  
  "time_in_force": "day"  
}

买入看跌期权

{  
  "symbol": "TSLA240126P00210000",  
  "qty": "1",  
  "side": "buy",  
  "type": "market",  
  "time_in_force": "day"  
}

卖出备兑看涨期权

{  
  "symbol": "AAPL240126C00050000", 
  "qty": "1", 
  "side": "sell", 
  "type": "market", 
  "time_in_force": "day"  
}

卖出现金担保看跌期权

{  
  "symbol": "QS240126P00006500",  
  "qty": "1",  
  "side": "sell",  
  "type": "market",  
  "time_in_force": "day"  
}

购买力检查

对于期权，我们在交易账户端点上引入了一个新字段options_buying_power，在尝试开立新的期权头寸时会评估该字段。

对于买入看涨期权或买入看跌期权，都需要足够的购买力来支付合约的权利金，否则将出现如下错误。

{
"options_buying_power": "7267.84",
"code": 40310000,
"cost_basis": "38000",
"message": "insufficient options buying power"
}

对于卖出备兑看涨期权，你需要有足够的股票作为担保，否则订单将出错，如下所示。

 {
   "available_qty": "0",
   "code": 40310000,
   "message": "insufficient underlying qty available for covered call (required: 100, available: 0)",
   "required_qty": "100",
   "symbol": "AAPL240126C00050000",
   "underlying_asset_id": "b0b6dd9d-8b9b-48a9-ba46-b9d54906e415"
}

对于卖出现金担保看跌期权，你需要足够的购买力来支付标的股票减去将收到的权利金，否则订单将出错，如下所示

{
  "buying_power": "9395",
  "code": 40310000,
  "message": "insufficient options buying power for cash-secured put (required: 20310, available: 9395)",
  "required_options_buying_power": "20310"
}

头寸

期权头寸将像头寸端点中的任何其他头寸一样显示。以下是期权头寸的示例。

{
  "asset_id": "fe4f43e5-60a4-4269-ba4c-3d304444d58b",
  "symbol": "PTON240126C00000500",
  "exchange": "",
  "asset_class": "us_option",
  "asset_marginable": true,
  "qty": "2",
  "avg_entry_price": "6.05",
  "side": "long",
  "market_value": "1068",
  "cost_basis": "1210",
  "unrealized_pl": "-142",
  "unrealized_plpc": "-0.1173553719008264",
  "unrealized_intraday_pl": "-142",
  "unrealized_intraday_plpc": "-0.1173553719008264",
  "current_price": "5.34",
  "lastday_price": "5.34",
  "change_today": "0",
  "qty_available": "2"
}

交易后

行权

作为期权（看涨或看跌）的买方，持有人有权（但无义务）在未来的指定日期或之前以指定价格买入或卖出期权的标的证券。如果持有人决定行使这些权利，他们选择行权。可以通过行权端点行使期权，DNE（不行权）指令可以通过不行权端点提供。注意行权请求将立即处理，在市场时间之外发送的请求将被拒绝。行权时，每次行权将产生2个新活动，分别是：

  • OPEXC - 因行权而移除期权头寸
  • OPTRD - 与行权配对的交易活动

行权看涨期权

买入看涨期权行权导致以行权价买入标的股票。以下是示例。

{
  "id": "20240227000000000::197118f0-afd8-4adb-b154-167f4a87b1f5",
  "account_id": "21c36b57-2304-4e5b-8364-8effbcba853e",
  "activity_type": "OPEXC",
  "date": "2024-02-27",
  "net_amount": "0",
  "description": "Option Exercise",
  "symbol": "QS240301C00006500",
  "qty": "-1",
  "status": "executed"
},

{
  "id": "20240227000000000::aa97cbc4-5163-49ab-b832-682a3a3e85bb",
  "account_id": "21c36b57-2304-4e5b-8364-8effbcba853e",
  "activity_type": "OPTRD",
  "date": "2024-02-27",
  "net_amount": "-650",
  "description": "Option Trade",
  "symbol": "QS",
  "qty": "100",
  "price": "6.5",
  "status": "executed"
}

行权看跌期权

买入看跌期权行权导致以行权价卖出标的股票。以下是示例。

{
  "id": "20240227000000000::f62ee8f5-0279-4e81-9bd1-4ef197c7b2f3",
  "account_id": "21c36b57-2304-4e5b-8364-8effbcba853e",
  "activity_type": "OPEXC",
  "date": "2024-02-27",
  "net_amount": "0",
  "description": "Option Exercise",
  "symbol": "QS240301P00006500",
  "qty": "-1",
  "status": "executed"
},

{
  "id": "20240227000000000::74e1db8e-9316-4dcf-b69c-50f51427b7c1",
  "account_id": "21c36b57-2304-4e5b-8364-8effbcba853e",
  "activity_type": "OPTRD",
  "date": "2024-02-27",
  "net_amount": "650",
  "description": "Option Trade",
  "symbol": "QS",
  "qty": "-100",
  "price": "6.5",
  "status": "executed"
}

指派

卖出期权合约（看涨或看跌）时，用户收取权利金，但反过来承担在指派时以约定行权价买入或卖出股票的义务。需要注意的是，OCC随机指派账户，合约卖方可能会在隔夜被指派。指派时，每次指派将产生2个新活动，分别是：

  • OPASN - 因指派而移除期权头寸
  • OPTRD - 与指派配对的交易活动

看涨期权指派

对于看涨期权，卖方承担以约定行权价卖出股票的义务。以下是看涨期权指派导致的活动示例

 {
   "id": "20240301000000000::001140db-3947-456b-aefc-253861fb65df",
   "account_id": "21c36b57-2304-4e5b-8364-8effbcba853e",
   "activity_type": "OPASN",
   "date": "2024-03-01",
   "net_amount": "0",
   "description": "",
   "symbol": "QS240301C00004500",
   "qty": "1",
   "status": "executed"
}

{
  "id": "20240301000000000::a88c089f-a8c3-4672-9b68-2f6f2d05e914",
  "account_id": "21c36b57-2304-4e5b-8364-8effbcba853e",
  "activity_type": "OPTRD",
  "date": "2024-03-01",
  "net_amount": "450",
  "description": "Option Trade",
  "symbol": "QS",
  "qty": "-100",
  "price": "4.5",
  "status": "executed"
}

看跌期权指派

对于看跌期权，卖方承担以约定行权价买入股票的义务。以下是看跌期权指派导致的活动示例

{
  "id": "20240301000000000::fcd92e5c-46e4-4c6e-8866-d56cd7d2bde2",
  "account_id": "21c36b57-2304-4e5b-8364-8effbcba853e",
  "activity_type": "OPASN",
  "date": "2024-03-01",
  "net_amount": "0",
  "description": "",
  "symbol": "QS240301P00009000",
  "qty": "1",
  "status": "executed"
}


{
  "id": "20240301000000000::1e1c2804-ce68-4516-9fa4-62d49b14c334",
  "account_id": "21c36b57-2304-4e5b-8364-8effbcba853e",
  "activity_type": "OPTRD",
  "date": "2024-03-01",
  "net_amount": "-900",
  "description": "Option Trade",
  "symbol": "QS",
  "qty": "100",
  "price": "9",
  "status": "executed"
}

到期

与股票不同，期权合约有到期日。如果用户没有平仓或行权（如果有足够的购买力支持行权），Alpaca可能需要根据以下描述的标准出于风险管理目的对其采取行动。

  • 在到期日美国东部时间下午3:30起，Alpaca会持续评估当日到期的任何未平仓头寸，并停止接受开仓/展期任何头寸的新订单。
  • 如果买入看涨或看跌期权的头寸为价内（ITM） 0.01或以上，Alpaca会检查账户是否有足够的购买力来行权（看涨期权）或足够的股票（看跌期权）
    • 如果有足够的购买力或股票，Alpaca不会平仓该期权，并会允许期权自动行权。
    • 如果没有足够的购买力或股票，Alpaca将在其仍为价内时平仓
  • 如果头寸为备兑看涨期权或现金担保看跌期权且为价内0.01或以上，Alpaca将在到期日收盘后自动指派
  • 如果头寸不为价内，即平值（ATM）或价外（OTM），Alpaca可能会跳过，并将在收盘后到期，如下例所示。（注意，略微价外的头寸也可能根据市场和标的条件被平仓。Alpaca会考虑快速变化的市场和/或可能在一天中从价内变为价外的快速股票。有时价外头寸也会被平仓。）

看涨期权到期

{
  "id": "20240301000000000::31ff5d4c-a608-43bb-8e59-678a96a4a42c",
  "account_id": "21c36b57-2304-4e5b-8364-8effbcba853e",
  "activity_type": "OPEXP",
  "date": "2024-03-01",
  "net_amount": "0",
  "description": "Option Expiry",
  "symbol": "QS240301C00010500",
  "qty": "-1",
  "status": "executed"
}

看跌期权到期

{
  "id": "20240301000000000::4bd8c683-0b2c-489f-9df9-1243ff621648",
  "account_id": "21c36b57-2304-4e5b-8364-8effbcba853e",
  "activity_type": "OPEXP",
  "date": "2024-03-01",
  "net_amount": "0",
  "description": "Option Expiry",
  "symbol": "QS240301P00000500",
  "qty": "-1",
  "status": "executed"
}

市场数据

Alpaca以与股票和加密货币相同的用户友好格式提供期权市场数据（收费）。此外，如有必要，我们可以将合作伙伴推荐给与Alpaca有密切关系的外部数据供应商。

端点备注
最新报价最新报价。支持多个代码
最新交易最新交易。支持多个代码
历史交易历史交易。支持多个代码
快照组合多个代码的报价和交易
期权链按标的（股票）代码查询期权链
历史K线历史K线。支持多个代码

错误响应

期权订单操作（提交、取消、替换、行权和不行权）可以返回下面列出的错误。每个错误都以JSON正文形式提供，包含数字code和message，以及HTTP状态。示例： 

{
  "code": 40310000,
  "message": "insufficient options buying power (required: 20310, available: 9395)"
}

Note

📘 message字符串可能会在不通知的情况下更改。数字code和HTTP状态是稳定的契约。花括号中的占位符（{symbol}、{required}、{available}、{status}）在运行时替换。

以下表格是期权专用的。在使用/orders下记录的通用订单错误（购买力、市场关闭、JSON格式错误、速率限制等）也适用于期权。

提交：单腿

当有效载荷的symbol是期权合约时，由为账户创建订单返回。

HTTP代码消息
40340310000account not authorized to trade options
40340310000account not eligible to trade long option contracts
40340310000account not eligible to trade options: {symbol}
40340310000account not eligible to trade spreads or uncovered contracts
40340310000account not eligible to trade uncovered option contracts
40340310000active assignment lock on {symbol}, cannot close all long options
40340310000commission not allowed for account
40340310000exceeded account limit for contracts expiring today (requested: {q}, held+open: {h}, limit: {l})
40340310000insufficient options buying power (required: {required}, available: {available})
40340310000negative commission is prohibited
42242210000complex orders not supported for options trading
42242210000contract "{symbol}" expires soon, unable to open new positions
42242210000contract "{symbol}" is expired
42242210000contract "{symbol}" is not active
42242210000contract "{symbol}" is not tradable
42242210000contract "{symbol}" not found
42242210000extended hours is not supported for options trading
42242210000invalid contract
42242210000invalid option order_type
42242210000invalid option time_in_force
42242210000invalid options order_type
42242210000invalid order type for options trading
42242210000notional orders are not supported for options trading
42242210000options market orders are only allowed during market hours
42242210000options order notional is {n} must be <= {limit}
42242210000options order qty must be <= {max}
42242210000order_time_in_force provided not supported for options trading
42242210000orders for morning-expiration index options cannot be placed after market close when expiration is the next trading day (contract "{symbol}")
42242210000orders for morning-expiration index options cannot be placed on expiration day (contract "{symbol}")
42242210000position intent mismatch, inferred: {inferred}, specified: {specified}
42242210000qty must be integer for options trading
42242210000swap_fee_bps is not allowed for options trading
42242210000underlying asset "{symbol}" not found
42242210000put sell limit price {limit} exceeds strike price {strike price}

提交：多腿（MLeg）

当有效载荷包含order_class: "mleg"和一个或多个期权legs时，由POST /v2/orders返回。另请参见期权级别3交易。

HTTP代码消息
40340310000submit mleg order is disabled
42242210000asset not found for {symbol}
42242210000equity legs are allowed only with a corresponding amount of call contracts
42242210000European-style option legs in a multi-leg order must have the same expiration date
42242210000invalid limit price
42242210000invalid time in force
42242210000leg.{i} position intent is required
42242210000limit price is only valid for limit orders
42242210000limit price is required for limit orders
42242210000rolling contracts ambiguity
42242210000underlying asset mismatch: {underlying} != {asset}
取消

由DELETE /v2/orders/{order_id}返回。

HTTP代码消息
40340310000cancel mleg order is disabled
42242210000leg order is already in {status} state
替换

由PATCH /v2/orders/{order_id}返回。

HTTP代码消息
40340310000replace mleg order is disabled
42242210000cannot replace order in {status} status
42242210000order already replaced
42242210000order chain not fully replaced
42242210000order parameters are not changed
42242210000qty must be > filled_qty
行权

由期权行权端点返回。参见期权交易概述 → 行权。

HTTP代码消息
40340310000cannot exercise position marked as do-not-exercise
40340310000cannot exercise position with dne_qty greater than or equal to position qty (dne_qty: {dne_qty}, position qty: {position_qty})
40340310000early exercise is not allowed for European-style options
40340310000exercise requests are not accepted after market close until midnight
40340310000insufficient cash available (required: {required}, available: {available})
40340310000insufficient cash available - margin call protection (required: {required}, available: {available})
40340310000insufficient qty available (requested: {requested_qty}, available: {available_qty})
40340310000insufficient qty available to exercise after accounting for partial do-not-exercise (requested: {requested_qty}, dne_qty: {dne_qty}, available: {available_qty})
40340310000insufficient regt buying power (required: {required}, available: {available})
40340310000insufficient underlying qty available for deliverable: {symbol} (requested: {requested_qty}, available: {available_qty})
40340310000no qty available to exercise
40340310000you are attempting to exercise a non-standard option contract, please contact support@alpaca.markets to complete this request
40340310000you are attempting to exercise an out of the money option contract, please contact support@alpaca.markets to complete this request
40440410000long position not found: {symbol}
42242210000exercise commission not allowed for account
42242210000negative exercise commission is prohibited
42242210000qty must be > 0
42242210000symbol missing
不行权（DNE）

由不行权端点返回。参见期权交易概述 → 行权。

HTTP代码消息
40340310000dne requests are not accepted after {time}
40340310000dne requests are only accepted on the expiration day of the option contract
40340310000do-not-exercise is not applicable for European-style options
40440410000long position not found: {symbol}
42242210000symbol missing

Warning

⚠️ 期权交易因其固有的高风险而不适合所有投资者，可能导致重大损失。在投资期权之前，请阅读标准化期权的特征和风险。

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